Analyst Predicts Bitcoin Breakout in September After Six-Month Re-Accumulation

Bitcoin has been in a state of consolidation for nearly six months, leading crypto analysts to identify a re-accumulation phase that mirrors previous post-halving cycles.

Rekt Capital, a crypto trader and analyst, recently presented a chart that suggests Bitcoin is currently moving through a phase of re-accumulation similar to the one that followed the 2020 halving event.

This phase, which began in 2024, has lasted 224 days and is expected to lead to a breakout in late September or October 2024. Rekt Capital’s analysis aligns with historical post-halving trends.

The analysis reveals three crucial re-accumulation zones, one in 2020, another in 2023, and another in 2024, marked by extended periods of consolidation. The 2023 phase, which also lasted 224 days, led to a parabolic price increase, driving Bitcoin to new highs.

Similarly, the ongoing re-accumulation phase in 2024 has been marked by consolidation, with volumes reaching 377.628K BTC. According to Rekt Capital, if history repeats itself, Bitcoin could experience a breakout in Q4 2024, particularly in late September, in line with the typical post-halving upward trajectory.

Ali Martinez Identifies Key Support Levels

In a separate analysis, Ali Martinez, another crypto analyst, has focused on key support levels based on the buying patterns of different Bitcoin investor classes. Martinez highlights four major support zones based on four investor tiers, namely new whales, Binance retail users, Bitcoin miners, and long-term holders. 

New whales, who have accumulated Bitcoin within the last 155 days, have a realized price of $63,450, marking a significant support level. Binance retail users, on the other hand, show a realized price of $55,540, representing their own unique support zone. 

Here are key support levels to monitor based on the buying patterns of #Bitcoin investors:

– New Whales: $63,450
– Binance Users: $55,540
– $BTC Miners: $44,400
– Long-Term Holders: $25,000 pic.twitter.com/XhbhyfPI8N

— Ali (@ali_charts) August 26, 2024

Martinez also points out that Bitcoin miners, with holdings exceeding 1,000 BTC, have an average realized price of $44,400, a vital break-even point that could affect mining activity if breached.

Long-term holders, those who have held Bitcoin for over 155 days, demonstrate strong conviction with a realized price of $25,000, which serves as a deep and historically resilient support level.

Mikybull and Coinvo Project Potential ATH

Adding to this outlook, crypto market analyst Mikybull has utilized the Elliott Wave theory to suggest that Bitcoin could be moving into its fifth and concluding wave. Notably, this movement could potentially set the stage for a new peak in its price.

The third wave closed with a peak at $73,000 in March this year, and Mikybull expects the fifth wave to take Bitcoin even higher. Similarly, analyst Coinvo has drawn upon historical halving trends to forecast a similar price target. Both analysts suggest that Bitcoin could see significant upward momentum in the coming months.